Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

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Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<h2>Revision summary</h2><p>Kakao Pay has just submitted a revised securities declaration with a downward revision of the indicative price band. The new price band is ₩60,000 to ₩90,000, which is about a 4~6% cut from the previous one. The total number of publicly offered shares is still 17 million shares. As a result, the funds to be raised through this IPO are between ₩1.02T and ₩1.53T.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="150">
<col width="150">
<col width="150">
<col width="150">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Indicative price band"}'>Indicative price band</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Low, Previous"}'>Low, Previous</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"High, Previous"}'>High, Previous</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Low, Revised"}'>Low, Revised</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"High, Revised"}'>High, Revised</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Price"}'>Price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":63000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩63,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":96000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩96,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'><strong>₩60,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":90000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'><strong>₩90,000</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Base deal size"}'>Base deal size</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.071}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R8C2/1000000000000">₩1.07T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.632}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R8C2/1000000000000">₩1.63T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.02}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R8C2/1000000000000"><strong>₩1.02T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.53}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R8C2/1000000000000"><strong>₩1.53T</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Institutional allotment"}'>- Institutional allotment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5890500000000001}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R12C2">₩0.59T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8976000000000001}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R12C2">₩0.90T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.561}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R12C2"><strong>₩0.56T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8415000000000001}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-1]C[0]*Terms!R12C2"><strong>₩0.84T</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Implied market cap"}'>Implied market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8.213128875}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-3]C[0]*130367125/1000000000000">₩8.21T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12.515244}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-3]C[0]*130367125/1000000000000">₩12.52T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7.8220275}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-3]C[0]*130367125/1000000000000"><strong>₩7.82T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11.73304125}' data-sheets-numberformat='[null,2,"₩#,##0.00T"]' data-sheets-formula="=R[-3]C[0]*130367125/1000000000000"><strong>₩11.73T</strong></td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>The revised schedule is as follows. The book for overseas institutional investors (through Goldman Sachs and JP Morgan) opens on September 23rd and closes on the 30th at 5 pm (local time). For your reference, the book for those local institutions dealing with Samsung Securities opens on September 29th. <span>The payment date is October 8, and the listing date will be announced later.</span></p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Schedule"}'>Schedule</td></tr>
<tr>
<td><strong>IR begins</strong></td>
<td style="text-align: right;"><strong>2021. 09. 23</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Book open"}'><strong>Book open</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44468}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 09. 29</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Book close"}'><strong>Book close</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44469}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 09. 30</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Allotment"}'>Allotment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44470}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 10. 01</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription"}'>Subscription</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 10. 05</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'><strong>Payment</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44477}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 10. 08</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TBA"}'>TBA</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

Revision summaryKakao Pay has just submitted a revised securities declaration with a downward revision of the indicative price band. The new price band is ₩60,000 to ₩90,000, which is about a 4~6% cut from the previous one. The total number of publicly offered shares is still 17 million shares. As a result, the funds to be raised through this IPO are between ₩1.02T and ₩1.53T.









Indicative price band
Low, Previous
High, Previous
Low, Revised
High, Revised


Price
₩63,000
₩96,000
₩60,000
₩90,000


Base deal size
₩1.07T
₩1.63T
₩1.02T
₩1.53T


- Institutional allotment
₩0.59T
₩0.90T
₩0.56T
₩0.84T


Implied market cap
₩8.21T
₩12.52T
₩7.82T
₩11.73T

Source: DART

The revised schedule is as follows. The book for overseas institutional investors (through Goldman Sachs and JP Morgan) opens on September 23rd and closes on the 30th at 5 pm (local time). For your reference, the book for those local institutions dealing with Samsung Securities opens on September 29th. The payment date is October 8, and the listing date will be announced later.





Schedule

IR begins
2021. 09. 23


Book open
2021. 09. 29


Book close
2021. 09. 30


Allotment
2021. 10. 01


Subscription
2021. 10. 05


Payment
2021. 10. 08


Listing
TBA

Source: DART



Kakao Pay Listing: Revision Summary & Pricing Details

Kakaopay

Kakao Pay Listing: Revision Summary & Pricing Details